Blockchain Technology in Healthcare Market
Blockchain Technology Market: Blockchain is an encrypted digital ledger or database which stores contracts and transactions which are recorded independently. This encrypted database can be accessed by thousands of computer users across the world where the user information is highly secured and un-breachable. Blockchain database continuously updates itself, contains verifiable records located at multiple locations but at the same time, it can be accessible to anyone. Blockchain technology has already disrupted the financial sector through the game changer cryptocurrency - bitcoin.
Blockchain Technology in Healthcare Market: At initial stages, blockchain technology has shown the potential to transform the global healthcare sector. Blockchain technology provides the privacy, security and interoperability of patient’s health data. Blockchain technology makes EMR (Electronic Medical Records) more secure and efficient by creating secured Healthcare Network Infrastructure which ultimately makes the patients data interoperable between the healthcare service providers.
Interoperability of patient’s healthcare database is crucial. In today’s scenario, easy and protected sharing of data from one healthcare provider to another is very important. Such data sharing practice can help to achieve accurate diagnosis and effective treatment of patients which further help to save cost of treatment per patient. In long term, application of blockchain technology in healthcare may significantly increase efficiencies of National or Global Healthcare system.
Rising incidences of medical data infringements is driving the demand for blockchain technology in healthcare industry. The rising demand of precision medicines is also driving the growth of this market. Rising investments from Fortune 500 players in technologies like Machine Learning and AI, which can be equipped with blockchain technology, can further drive this market. Rising demand of Blockchain as a Service (BaaS) which is allows the healthcare providers to build and use their own applications based on blockchain technology. The cloud-based service providerssuch as Amazon Web Services (AWS) or IBM who only manages the activities to keep its system and database functional. BaaS works similar to Software as a Service (SaaS) model.Rising funding in Healthcare and Pharmaceutical sector from developed countries such asthe U.S., the UK, is also fuelling the growth of the blockchain technology in healthcare market.
The blockchain technology in healthcare market is segmented on the basis of application, end user and region. Based on application, this market is divided into Interoperability between different EHRs, Supply Chain Data management of Pharmaceutical companies and Hospitals, Claims Settlement, Clinical Trials Data Exchange and Hospital Billing Management. By end user, the market is segmented into healthcare providers (hospitals, clinics, primary care centres, etc.), pharmaceutical companies, healthcare payers and others.
North America is expected to account for highest growth and market share in blockchain technology in healthcare market. Rising investment from U.S. Government in healthcare IT infrastructure, growing demand for personalised medicines from U.S. citizens, are driving the North American blockchain technology in healthcare market.
Major players in this market are, IBM (U.S.), Microsoft (U.S.), PokitDok (U.S.), Guardtime (Estonia), Chronicled (U.S.), Gem (U.S.), Hashed Health (U.S.), iSolve (U.S.), Patientory (U.S.), Proof.Work (UK), SimplyVital Health (U.S.), Factom (U.S.), Amazon Web Services (U.S.), FarmaTrust (UK), Blockpharma (France), and Medicalchain (UK) among others.